International Journal of Islamic Business and Economics (IJIBEC)

Ta’awun and Marketing Agility of Firm Survivors

Sulhaini, Junaidi Sagir, Sulaimiah — Thu, 14 Dec 2023 00:00:00 +0700

This study’s objective is to examine a model to shed light on what factors affect the marketing agility of SME survivors. Data was collected from SME survivors spread across five different districts on the island of Lombok, Indonesia. The sample firms were purposively selected; they were survivors of the pandemic with Muslim owners or managers. According to the study, knowledge assets strengthen marketing agility, but market turbulence does not moderate the effect. Regardless of market conditions, SMEs always use their assets to maintain agility and resilience. In addition, internal human resource practices generate favorable atmospheres for internal learning. While ta’awun facilitates the transfer of knowledge from partners, this knowledge is further developed internally where employees have been prepared through internal practices. The practices and ta’awun become the keys to strengthening SMEs’ knowledge assets. However, older company age does not strengthen the influence of knowledge assets on marketing agility. Conversely, the older the company, the more difficult it is to develop and utilize knowledge assets to innovate and quickly adapt to market developments.

Assessing the Impact of Macroeconomic Variables on Project-Based Sukuk in Indonesia

Yuanisa Maulina Primayanti, Marwini * — Wed, 27 Dec 2023 00:00:00 +0700

This study is aimed at examining the influence of variables such as Infrastructure Budget, Bank Indonesia Rate, Money Supply, and Bank Indonesia Sharia Certificate on Project-Based Sukuk over short and long-term periods. The research also evaluates the response given by Project-Based Sukuk to shocks in these variables, as well as their contributions to variations in Project-Based Sukuk. The Vector Error Correction Model (VECM) method, implemented through Eviews 10, was utilized in this study which employed monthly secondary data spanning the period 2016-2020. The findings suggest that, in the short term, the Infrastructure Budget variable positively affects PBS. Conversely, in the long term, the Money Supply variable negatively influences PBS. BI rate and Bank Indonesia Sharia Certificate variables appear to have no significant effect on PBS in either the short or long term. The Impulse Response Function test reveals that PBS responds positively to shocks in the Infrastructure Budget, negatively to shocks in the Bank Indonesia Sharia Certificate, and variably to shocks in the BI Rate and Money Supply. The Forecasting Error Variance Decomposition test indicates that PBS exerts the most significant influence on variance explanation. Sukuk is proposed as a viable alternative to bridge the financing gap for infrastructure development. The government is therefore urged to preserve economic stability, particularly concerning the Infrastructure Budget from the State Budget and the Money Supply, given their impact on sukuk development, which is crucial for infrastructure progression in Indonesia.

The Influence of Halal Certification, Halal Awareness, and Brand Image on Interest in Buying Halal Food Products: An Empirical Study of Consumers in Indonesia

Wed, 27 Dec 2023 00:00:00 +0700

This study aims to determine the effect of variables on halal certification, halal awareness, brand image, and intention to buy halal food products. This research is a study of consumers of halal products. The data in this study were obtained by distributing online questionnaires to respondents who were consumers of halal products in Indonesia. The quantitative approach uses surveys as primary data and data analysis using structural equation modelling (SEM). Respondents in this study were consumers of halal products, with a total of 480 respondents who were consumers of halal food products. The method used in the sampling of respondents was purposive sampling with the criteria of having bought halal food. Collecting data by using research instruments, data analysis is quantitative. The data analysis method used in this study uses descriptive analysis to identify characteristics and the Structural Equation Modeling (SEM) analysis method with SmartPLS 3.2.6 software. The analysis in the SEM model can be divided into two stages, namely, the measurement model and the structural analysis model. The results showed that halal certification has a positive effect on purchase intention. Halal certification has a positive effect on brand image. Brand image has a positive effect on purchase intention. Halal awareness has a positive effect on purchase intention. Halal certification positively and significantly affects purchase intention through brand image.

Harmonizing Loss Accounting with Local Cultural and Religious Principles

Sun, 31 Dec 2023 00:00:00 +0700

This research aims to construct loss accounting practices by "binthe biluhuta" sellers based on local wisdom and religious values. This study uses a spiritual paradigm with an Islamic ethnomethodological approach. This approach develops modern ethnomethodology under a secular (interpretive) paradigm. The author conducted observations and interviews with residents to obtain local cultural data. The data obtained was validated using the source triangulation method. The study found that sharing, among others, is a seller's way of avoiding losses. In Gorontalo's Islamic culture, elders often convey these values through advice dilla bo ilaato binthe wawu pale—the meaning of the family statement. The results of this study indicate that the loss accounting implemented by binthe biluhuta sellers is not limited to material things (money) but conditions with local cultural values and faith in the Creator. The theoretical implication of the results of this study is that local wisdom contained in loss accounting implemented by binthe biluhuta sellers can be combined with loss accounting theory to make it more holistic. The concept of loss accounting by binthe biluhuta can be used by sellers with a materialist, humanist, and religious spirit when building a business.

Enhancing Customer in Islamic Banking: a Case Study of Bank Syariah Indonesia’s Marketing Strategy

M.F. Hidayatullah, Bambang Irawan , Sudaryanto, Ahmad Roziq, Sukron Ma'mun — Sun, 31 Dec 2023 00:00:00 +0700

The potential for sharia banking in Indonesia is very large because 87% of the Indonesian population is Muslim. However, sharia banking customers currently only reach 6.52% share of the national banking market. This qualitative research describes the marketing strategy of Bank Syariah Indonesia (BSI) in Lumajang Regency, East Java, BSI which increased customers by up to 35%, even though other sharia banks only reached approximately 12%. The results of this research are that BSI Lumajang implements the Islamic Leaders strategy, in addition to implementing the 7P marketing mix (product, price, promotion, place/distribution, people, processes, and physical evidence). The approach of Islamic figures is carried out by establishing friendship with Islamic religious figures, kiai who own pesantren, and village kiai who lead prayer congregations. By implementing a personal approach strategy with these kiai and religious figures, BSI succeeded in improving relationships so that they became BSI customers. The Islamic Leaders strategy succeeded in increasing customers by up to 35%, even though other sharia banks only achieved approximately 12

New Stream of The Indonesian Economy: Economic Empowerment and Islamic Entrepreneurship Culture In Islamic Boarding School

Dede Nurohman, Ahasanul Haque , Dedi Suselo , Akhyak — Tue, 31 Dec 2024 00:00:00 +0700

This paper aims to reveal the empowerment process carried out by BLKK Islamic boarding school and diagnose potential aspects that can be developed in realizing the goal of economic empowerment of Islamic boarding schools. This type of research is field research using a qualitative approach with locus on seven BLKK Islamic boarding schools in four regions, namely; district and city of Blitar, city of Kediri, district of Tulungagung, and district of Trenggalek. Through Kurt Lewin's theory of social change which includes three stages; unfreezing, moving, and refreezing, this paper finds that in the unfreezing and moving stages, all BLKK Islamic Boarding Schools are running well as program assistance is still running. However, at the refreezing stage, many BLKKs were difficult to develop. Because this stage needs to a spirit of entrepreneurship and independence that can take advantage of the existing potential, such as; the open mind set of the Islamic boarding school, the figures and influence of the kiai who can expand the external collaboration network, spreading alumni throughout the communities, and the BLKK building and equipment used as a production house and a place to improve the quality of human resources. The implication is the importance of the entrepreneurial attitude of Islamic boarding school BLKK managers in realizing the economic empowerment of Islamic boarding schools